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Wednesday, October 5, 2016

Experts Doubt Energy Plan Claims of Both Presidential Candidates

Donald Trump on Thursday reiterated his promise to roll back regulations and unleash "a treasure trove of untapped energy" in the United States, but economists seriously doubt his numbers.

"Producing more American energy is a central part of my plan to making America wealthy again, especially for the poorest Americans," Trump told a conference organized by the Marcellus Shale Coalition, an industry group, in Pittsburgh.

"It's all upside for this country. More jobs, more revenues, more wealth, higher wages, and lower energy prices," he said. "I'm going to lift the restrictions on American energy and allow this wealth to pour into our communities."

The Republican presidential candidate has repeatedly claimed that he will boost economic output, create millions of new jobs and put coal miners back to work. But the windfalls Trump touts fail to take into account the real reason the coal industry is struggling, and originate from an industry-linked report whose findings rely on a forecasting model that often overstates the economic benefits of drilling, according to economists who study U.S. shale oil and gas.

Hillary Clinton has vowed to slash U.S. oil consumption in the next decade as part of an overall plan to shift the country to clean, renewable energy, but experts say her goal is probably impossible.

The target — to cut U.S. oil consumption by a third by 2027 — is an example of Clinton's hard line on fossil fuels during the Democratic primary and the general election. But some of her tough talk leaves her considerable wiggle room and contrasts with her record while serving as America's top diplomat.

That record includes a program to promote natural gas development overseas through the use of hydraulic fracturing, a method of unlocking oil and gas from rock formations by pummeling them with water, minerals and chemicals. "Fracking" is widely opposed by environmentalists.